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REE 3043 questions with verified answers
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REE 3043 questions with verified answers
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REE 3043 questions with verified answersInterest only loan - ✔✔Making payments toward only the interest during
the duration of the loan. At the end the principal is paid as one payment.
Ballon loan - ✔✔When a loan amortizes over 25 years but the loan matures
at year 10. Used in commercial loans
Reverse mortgage - ✔✔A loan by which a homeowner receives a lump
sum, monthly payments, or a line of credit based on the homeowner's equity
in the property secured by the mortgage. The loan must be repaid at a
prearranged date, upon the death of the owner, or upon the sale of the
property.
ARM- Adjustable rate mortgage - ✔✔To start a fixed payment is made
then interest rate adjust according to the market. Margin rate stays the same
index adjusts
Option ARM - ✔✔Allows you to decide the amount of your payment. The
initial amount covers interest, remaining goes toward principle
Negative amortization - ✔✔Occurs when the payment is not enough to even
cover interest. Remaining interest is applied to principle causing loan balance
to increase
Mortgage payments - ✔✔Cover PITI Principle, Interest, Taxes, insurance
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